Frequently Asked Questions
  • What is Petroleum Exchange?

    PetEx (Petroleum Exchange) / Petroleum Bazaar has developed a fast, transparent and efficient process for transacting petroleum & chemical products on a digital platform. Our platform allows you to trade online in Petroleum & Chemical products.
    The most important feature of PetEx/ Petroleum Bazaar is that every trade will result in delivery i.e. PetEx/ Petroleum Bazaar will trade in Physical (spot) market. All the trades will have full and final settlement within 3 - 11 days of trade. 
    The platform works as an online market where you can log in and take part in the auction of various products. Suppliers provide products along with the specifications, location and base prices. You, as a PetEx/ Petroleum Bazaar member, can place your bids and get physical delivery of the products to your requested location. 

  • Which Products can be traded in Petroleum Exchange

     In due course of time we propose to offer all major Petroleum Products, Petrochemicals, Chemicals, Alcohols, Coal and Crude oil.

    The products being offered are produce of Major oil companies and Importers against pre-test specifications. The End user and / or companies having valid licences are allowed to offer bids in the trading contract offers.

    The following products are being / proposed offered - 

    1. Furnace Oil
    2. Light Diesel Oil
    3. Base Oil - SN 500, SN 150, SN 70, Group I and Group II base oils
    4. Methanol and Ethanol
    5. Reclaimed oil (As per tested sppecifications)
    6. Heavy Normal Paraffin (HNP), Light Normal Paraffin (LNP), Light Liquid Paraffins (LLP)
    7. Electro - Discharge Machine (EDM) Oil


  • What are type of Trades and Auctions taking place is the platform

    There types of Auctions / Trades taking place in Petroleum Exchange platform :

    1. Continuous : In continuous auctions the buyers and sellers can bid continuously. Once the bids are matched the auction for that quantity and price is complete.
    2. Customized : In this auction only those clients are allowed to participate whom the seller has specified and are registered vendors of the seller company.
    3. Direct Auctions – These are simple auctions offered by the seller with a base price and they are open to the eligible bidders till the end of the auction period. The auction time gets extended by 5 minutes until the last the last bid stays for 5 minutes and there are no more bids. The successful trades are decided on H1, H2 H3 … basis.
    4. e-Procurement – These are reverse auctions asked by Buyer and are open to the eligible bidders till the end of the auction period. The auction time gets extended by 5 minutes until the last the last bid stays for 5 minutes and there are no more bids. The successful trades are decided on L1, L2, L3 … basis.


  • How do I place a bid in auctions/trades?

    You can find a detailed user manual here, which will explain in step-by-step detail on placing a bid. 

  • What do I need to do if my bid is accepted?

    If your bid is accepted i.e. a trade has been executed, the post trade procedure begins which takes place offline. You will be sent details of the seller wherein you will need to make payment for the product and arrange for transport of the product from the dispatch location.

    If you fail to make payment or pick up the product within the specified time frame, your EMD will be forfeited and your organisation will be blacklisted and will not be able to participate in future auctions/trades.

  • Can I participate without becoming a member of PetEx?

    No, only members can participate in trades/auctions that are active on the platform. To become a member fill in the Registration details of your company.

    You will need to fill the membership form and submit the required licences like GST and other licences if applicable like PESO, Solvent licence etc. After the details have been vetted by our office you will be intimated and then only you can participate in active trades/auctions. 

  • What is EMD?

    EMD is a security deposit that is placed by the buyer and the seller with PetEx before participating in an auction. The percentage of the total value which constitutes the EMD is mentioned in the contract of the auction as Buyer/Seller margin.

    The amount deposited as EMD is considered as partial payment against the total payment that would be paid against the product if a trade is executed successfully. If the trade isn’t executed successfully the payment remains in the wallet of the user and can be used for future bids or withdrawn back to user’s account.


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Auctions Schedule

Monday-Friday :

10.00 am to 12.00 pm

02.00 pm to 04.00 pm

Saturday -

10.00 am to 12.00 pm

Sunday - Closed

Announced Holiday :